I believe it goes back to what the agent said individuals who have been pre-qualified but when the bank makes it's final decision they don't meet the criteria of having enough for closing and three months of the mortgage in savings people or the other numerous stipulations. 

That is my .02CDo what you need to sell your house and believe me the new occupants will be plenty able to make the decisions about long term landscaping.

So many variables are involved in develop projects and you must understand every moving piece to underwrite the project and make a sound decision on whether a project is worth moving forward.

I really appreciate all the encouragement, now tell me why this is a bad idea so I can make an informed decision. 55 is not that old in the scheme of things, but when I owned a home in my thirties there were lots of things I could do then that I can no longer attempt.I will be working at a full time, relatively low paying job until I retire.

Run your tenant check Before you have the association check run, and make your decision.  

You don't have to make a decision any time soon.

Whats the point of you putting in the offer if the other partner is the one making the decisions?

In order to get more data points for a good decision I would recommend you continue listening to BP podcasts, join every weekly BP webinar that @Brandon Turner offers (last Thursday's webinar was made for you, so ask Brandon for the replay) and read "The Ultimate Beginner's Guide to Real Estate Investing".

It's not an easy decision to get started, but is definitely a step that needs to be taken at some point.

It's her first time and I want her to make the right decision.